Sloppy time-keeping costs B.C. realtor $20K

A B.C. realtor is on the hook for $19,500 after the regulator fined her $250 a day for failing to submit documents for an audit on time.

According to a recently published Jan. 13 B.C. Financial Services Authority decision, Pace Realty Corp. owner Mary-Jean Jacobson was contacted by the regulator in September 2021 to arrange a time to conduct an audit of the brokerage books and records.

However, the realtor missed multiple deadlines and made multiple excuses.

By February of the following year, the auditor wrote to Jacobson and reminded her of outstanding documents it had yet to receive.

The decision says the Prince George based realtor sent some documents to the auditor.

However, two months later, after Jacobson had made "numerous requests for extensions," the auditor set a deadline of May 11, 2022, or the Financial Services Authority may start imposing fines.

"On April 26, 2022, a partial response was received from MJ Jacobson," the decision reads. "On May 6, 2022, the Auditor advised she had reviewed the documents provided and advised several queries were still outstanding and requested additional documentation based on the partial response received."

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Another deadline was set in two weeks' time, but Jacobson said she may have trouble meeting the deadline due to COVID-19, and only having one person in the office.

The realtor missed the deadline again and the auditor reiterated that it needed the documents or fines might be imposed.

"On June 14, 2022, a partial response was received from MJ Jacobson and some documents were uploaded for the Auditor’s review, however, the majority of the requested documents remained outstanding," the decision says.

Over the following months, Jacobson told the auditors they would have the paperwork in "a day or two" but again missed the deadline.

She then went on holiday and the auditor wrote to her saying it could impose a daily penalty.

One year after the Financial Service Authority had asked for the documents Jacobson wrote to say "high staff turnover, shortage of staff, staff absenteeism, existing errors in the accounting, and COVID-19" meant she couldn't meet another deadline.

The auditor responded to say that Jacobson's reasons were not extenuating circumstances and didn't warrant an extension.

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Over the next month, the realtor submitted partial responses to the auditor's requests.

Somewhere along the way, the auditor started fining her $250 a day and threatened her with a discipline hearing if she didn't turn over the paperwork.

It set yet another deadline, and while Jacobson was a day late, by the end of November 2022, the realtor had finally submitted all her paperwork.

She was then fined for 74 days at $250 a day plus a $1,000 base penalty.

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She now has 30 days to pay the $19,500 fine.

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